Mar 31, 2014
Note. 1.
a) There has been a diminution of Rs. 3,53,000/- in the value of long
term investments held by the Company as at 31st March, 2014. No
provision against the same has been considered necessary since in the
opinion of management such diminution is of temporary in nature.
Note 2.
a) Total present liability for future payment of gratuity as on 31st
March, 2014 is neither provided nor actuarially determined. This
liability will be dealt with on cash basis which is not in accordance
with Accounting Standard (AS) 15- 'Employee Benefit' issued by the
Institute of Chartered Accountants of India.
b) Leave encashment liability, if any, has not been determined,
presently, and would be charged when paid. This liability will be dealt
with on cash basis which is not in accordance with Accounting Standard
(AS) 15- 'Employee Benefit' issued by the Institute of Chartered
Accountants of India.
Note 3.
During the year the Company has accounted for deferred tax in
accordance with the Accounting Standard 22 Â"Accounting for Taxes on
Income" issued by the Institute of Chartered Accountings of India.
Note 4.
Trade receivables amounting to Rs. 395,61,66,909/- is outstanding for
more than three years and the management classifies these debts fully
recoverable and Good and accordingly accordingly does not consider it
necessary to make any provision.
Note. 5.
LEASE:
The Company has entered into a lease agreement for use of sales counter
space along with all the other amenities, which is in the nature of
operating lease. As per the terms of the agreement, the period of lease
ranges from 11 months to 3 years and the same is further renewable for
such period as may be mutually agreed by the lessor and the lessee. The
leases can be terminated by either party by giving one month notice as
per terms of agreement.
Note. 6.
The management based on their review of assets and operation of the
Company has determined that there is no indication of potential
impairment and that the recoverable amount of any of its fixed assets
is not lower than its carrying amount. Accordingly no provision for
impairment is required as at 31 March 2014.
Note 7.
In the absence of the Company Secretary, these financial statements
have not been authenticated by a whole time Company Secretary under
Section 215 of Companies Act, 1956.
Note 8.
As required by the Notification No. GSR 129(F) dated 22nd February,
1999 issued by the Department of Company Affairs, Ministry of Law,
Justice and Company Affairs there are no small scale undertakings to
which the Company owes sum which is outstanding for more than 30 days.
This information has been determined on the basis of information
available with the Company. This has been relied upon by the auditors.
Suppliers/Service providers covered under Micro, Small Medium
Enterprises Development Act 2006, have not furnished the information
regarding filing of necessary memorandum with the appropriate
authority. In view of this, information required to be disclosed u/s 22
of the said Act is not given.
Note 9.
In the opinion of the Board, current assets, loans and advances are
approximately of the value stated, if realised in the ordinary course
of business and provisions for all the known liabilities and
depreciation are adequate and not in excess of the amount reasonably
necessary.
Note 10.
Previous year's figures have been regrouped or rearranged, wherever
considered necessary to conform to current year's presentation. Figures
in bracket are in respect of previous year.
Note 11.
Balances of debtors, loans and advances and creditors are subject to
Confirmation.
Mar 31, 2013
Contingent Assets are neither recognized nor disclosed in the financial
statements.
Note. 1
Contingent Liabilities and Commitments
Corporate Guarantee given to bank in respect of credit facilities
sanctioned to a Associate company Rs. 12,00,00,000/- (P.Y. Rs.
12,00,00,000/-)
Note. 2
a) There has been a diminution of Rs. 3,53,000/- in the value of long
term investments held by the Company as at 31st March, 2013, No
provision against the same has been considered necessary since in the
opinion of management such diminution is of temporary in nature.
Note 3
a) Total present liability for future payment of gratuity as on 31*
March, 2013 is neither provided nor actuarially determined. This
liability will be dealt with on cash basis which is not in accordance
with Accounting Standard (AS) 15- ''Employee Benefit* issued by the
Institute of Chartered Accountants of India.
b) Leave encashment liability, if any, has not been determined,
presently, and would be charged when paid. This liability will be dealt
with on cash basis which is not in accordance with Accounting Standard
(AS) 15- ''Employee Benefit* issued by the Institute of Chartered
Accountants of India.
Note 4
During the year the Company has entered into the derivatives
transaction in gold commodities and incurred a net derivative loss of
Rs.27,IO,100/-(Previous Year Rs.88,53,515/-) which is shown under the
head Other Expenses.
Note 5
During the year the Company has accounted for deferred tax in
accordance with the Accounting Standard 22 -"Accounting for Taxes on
Income" issued by the Institute of Chartered Accountings of India.
ii. The segment revenue and total assets includes the revenue and
assets respectively, which are identifiable with each segment and
amounts allocated to the segment; on a reasonable basis.
c) The transactions with related parties have been entered at an amount
which is not materially different from those on normal commercial
terms.
d) No amount has been written back / written off during the year in
respect of due to / from related parties.
e) The amount due to / from related parties are good and hence no
provision for doubtful debts in respect of dues from such related
parties is required.
Note.6
LEASE:
The Company has entered into a lease agreement for use of sales counter
space along with all the other amenities, which is in the nature of
operating lease. As per the terms of the agreement, the period of lease
ranges from 11 months to 3 years and the same is further renewable for
such period as may be mutually agreed by the lessor and the lessee. The
leases can be terminated by either party by giving one month notice as
per terms of agreement.
Note.7
The management based on their review of assets and operation of the
Company has determined that there is no indication of potential
impairment and that the recoverable amount of any of its fixed assets
is not lower than its carrying amount. Accordingly no provision for
impairment is required as at 31 March 2013.
Note 8
The company secretary appointed as per the provision of Section 3 83 A
of the Companies Act. 1956 has been resigned on 30/04/2012. Hence in
the absence of the Company Secretary, these financial statements have
not been authenticated by a whole time Company Secretary under s^rr5^
Section 215 of Companies Act 1956.
Note 9
As required by the Notification No, GSR 129(F) dated 22nd February,
1999 issued by the Department of Company Affairs, Ministry of Law,
Justice am! Company Affairs there are no small scale undertakings to
which the Company owes sum which is outstanding for mote than 30 days.
This information has been determined on fee b-.sis of information
available with the Company. This has been relied upon by the auditors.
Suppliers/Service providers covered under Micro, Small Medium
Enterprises Development Act 2006, have not furnished the information
regarding Tiling of necessary memorandum with the appropriate
authority. In view of this, information required tc be disclosed u/s 11
of the said Act is not given.
Note 10
In the opinion of the Board, current assets, leans and advances are
approximately of the value stated, if realised in the ordinary course
of business and provisions for all the known liabilities and
depreciation are adequate end not in excess of the reasonably necessary,
Note 11
The previous year''s figures have been reworked, regrouped, and re-
classified wherever necessary.
Mar 31, 2011
1) i) In consultation with the Vododara Stock Exchange and after due
compliance of legal requirements, the Company had forfeited 22,58,000
Equity Shares of Rs. 10/- each
ii) During the year company has reissued 22,58,000 forfeited shares at
a premium of Rs. 77.17 per share. The balance in forefeited share
capital account is transferred to reserve.
2) There has been a diminution of Rs.3.53 Lacs in the value of long
term investments held by the Company as at 31st March 2011, No
provision against the same has been considered necessary since in
opinion of management such diminution is of temporary in
nature.
3) a) Total present liability for future payment of gratuity as on 31st
March, 2011 is neither provided nor actuarially determined. This
liability will be dealt with on cash basis which is not in accordance
with Accounting Standard(AS) 15- 'Employee Benefit' issued by the
Institute of Chartered Accountants of India.
b) Leave encashment liability, if any, has not been determined,
presently, and would be charged when paid. This liability will be
dealt with on cash basis which is not in accordance with Accounting
Standard(AS)15- 'Employee Benefit' issued by the
Institute of Chartered Accountants of India.
4) During the year the Company has accounted for deferred tax in
accordance with the Accounting Standard 22- "Accounting for Tax on
Income" issued by the Institution of Chartered Accountings of India.
11) The management based on their review of assets and operation of the
Company has determined that there is no indication of potential
impairment and that the recoverable amount of any of its fixed assets
is not lower than its carrying amount. Accordingly no provision for
impairment is required as at 31 March 2011.
5) Sundry Debtor; include; Rs. 2,23,083/- being amount due from the
firm in which Directors are interested (Maximum Outstanding during the
year Rs.2,74.0m/-)(Previous Year Rs. 2,74,083/-)
Loans and Advances- includes Rs. 1,43,28,930/- being amount given to
Wholly Owned Subsidiary company. (Maximum Outstanding during the year
Rs.l,43,28.930/-) (Previous Year Rs. 71,88,500/-)
Loans and Advances includes Rs. NIL being amount lent to concern In
which Directors are interested (Maximum Outstanding during the year Rs.
1,06,000/-)(Previous Year Rs. 1,00,000/-)
6) The Company is in process of appointing a full time Company
Secretary by the provision of Section 3S3A of the Companies Act. 1956,
In the absence of the Company Secretary, these financial statements
have not been authenticated by a whole time Company Secretary under
Section 215 of Companies Act 1956.
7) As required by the Notification Ho. GSR 129(f) dated 22nd February,
1999 issued by the Department of Company Affairs, Ministry of Law,
Justice and Company Affairs there are no small scale undertakings to
which the Company owes sum winch is outstanding for more than 30 days.
This information has been determined en the basis of information
available with the Company. This has been relied upon by the auditors,
Suppliers/Service providers covered under Micro, Small Medium
Enterprises Development Act 2006, have not furnished the information
regarding filing of necessary memorandum with the appropriate
authority. In view of this, information required to be disclosed u/s 21
of the said Act is not given.
8) In the opinion of the Board, current assets, loans and advances are
approximately of the value stated, if realised in the ordinary course of
business and provisions for all the It own liabilities and depreciation
are adequate and not in excess of the amount reasonably necessary,
9) Balances of debtors, loans and advances and creditors are subject
to confirmations.
10) Previous year figures are regrouped, rearranged and recast wherever
felt necessary so as to mate them comparable with that of current year.
11) Additional information pursuant to provisions of Paragraph 3 & 4 In
Part -IT of Schedule-VI to the Companies Act, 1956.
Information in respect of goods manufactured/purchased for resale,
sold and stocks (As Certified by a Director)
Mar 31, 2010
1) In consultation with the Vadodara Stock Exchange and after due
compliance of legal requirements, the Company had forfeited 22,58,000
Equity Shares of Rs. 10/- each and resultant paid-up value of Rs.
75,53,000/- of such shares have been shown alongwith the paid-up
capital of the Company.
2) There has been a diminution of Rs. 3.53 Lacs in the value of long
term investments held by the Company as at 31st March, 2010. No
provision against the same has been considered necessary since in the
opinion of management such diminution is of temporary in nature.
3) a) Total present liability for future payment of gratuity as on 31st
March, 2010 is neither provided nor actuarially determined. This
liability will be dealt with on cash basis which is not in accordance
with Accounting Standard (AS) 15- Employee Benefit issued by the
Institute of Chartered Accountants of India.
b) Leave encashment liability, if any, has not been determined,
presently, and would be charged when paid. This liability will be dealt
with on cash basis which is not in accordance with Accounting Standard
(AS) 15- Employee Benefit issued by the Institute of Chartered
Accountants of India.
4) The management based on their review of assets and operation of the
Company has determined that there is no indication of potential
impairment and that the recoverable amount of any of its fixed assets
is not lower than its carrying amount. Accordingly no provision for
impairment is required as at 31 March 2010.
5) Sundry Debtors includes Rs. 2,71,323/- being amount due from the
firm in which Directors are interested ( Maximum Outstanding during the
year Rs.2,74,083 /-)(Previous Year Rs. 2,74,083/-)
Loans and Advances includes Rs. 71,88,500/- being amount given to
Wholly Owned Subsidiary company. (Maximum Outstanding during the year
Rs.71,88,500/-)(Previous Year Rs. NIL)
Loans and Advances includes Rs. 1,00,000/- being amount given to
concern in which Directors are interested ( Maximum Outstanding during
the year Rs.l,00,000/-)(Previous Year Rs. NIL)
6) The Company is in process of appointing a full time Company
Secretary by the provision of Section 383A of the Companies Act, 1956.
In the absence of the Company Secretary, these financial statements
have not been authenticated by a whole time Company Secretary under
Section 215 of Companies Act, 1956.
7) As required by the Notification No. GSR 129(F) dated 22nd February,
1999 issued by the Department of Company Affairs, Ministry of Law,
Justice and Company Affairs there are no small scale undertakings to
which the Company owes sum which is outstanding for more than 30 days.
In the absence of necessary information with the company relating to
the registration status of suppliers under the Micro, Small and Medium
Enterprises Development Act, 2006, the information required under the
said Act could not be complied and disclosed.
8) In the opinion of the Board, current assets, loans and advances are
approximately of the value stated, if realised in the ordinary course
of business and provisions for all the known liabilities and
depreciation are adequate and not in excess of the amount reasonably
necessary.
9) The management based on their review of assets and operation of the
Company has determined that there is no indication of potential
impairment and that the recoverable amount of any of its fixed assets
is not lower than its carrying amount. Accordingly no provision for
impairment is required as at 31 March 2010.
10) Balances of debtors, loans and advances and creditors are subject
to confirmations.
11) Previous year figures are regrouped, re-arranged and recast
wherever felt necessary so as to make them comparable with that of
current year.